Personnel & Pension Board

Personnel & Pension Board Minutes Page 1 of 3 May 21, 2024 Regular Meeting Room 213, 2nd floor, 5:00 PM, City Hall Building Norwich, Connecticut 06360 I. Roll Call Meeting called to order by Paul Schroder at 5:03pm A. Members Present 1. Paul Schroder, Chair (voting member) 2. Bob Pounch, (voting member) 3. Mike Dziavit, (voting member) 4. Chris Golas, (voting member) 5. Mary Osten, (appointed alternate) B. Members Absent 1. Gary Gross, (alternate) 2. Kenneth Scandariato (voting member) C. Others Present 1. Robert V. Scalise, Director of Human Resources 2. Evelyn Lopez, Retirement Plan Administrator 3. Marc Shegoski, UBS 4. Ashley Martella, UBS 5. David Sears, UBS II. Minutes A. Minutes of the April 16, 2024 Personnel & Pension Board Meeting. Motion to accept April 16, 2024 minutes made by Mike Dziavit, seconded by Bob Pounch, all in favor. III. New Business A. City Council re-appointment of Robert Pounch – Regular Member to the P&P Board. Motion made by Paul Schroder to acknowledge re-appointment of Robert Pounch, seconded by Mike Dziavit, all in favor. B. UBS Investment Review Mark Shegoski, David Sears and Ashley Martella from UBS Financial Services, Inc. provided a brief overview of the current stock market. They all talked about the performance, interest rates and inflation and struggles with the current stock market. The portfolio was reviewed by David Sears and Ashley Martella. The pension fund asset allocation as of April 30, 2024 was 69.6% equity, 26.7% fixed income and 3.7% real estate. The OPEB fund asset allocation as of April 30, 2024 was 72.7% equity and 27.3% fixed income. UBS asked the P&P Board members for approval on their plan to invest and make changes to the portfolio: UBS recommended the following: 1. Invest $3,151,111 million from the POB proceeds and release $460,000 to City to finance pension benefits as planned, for a total of $3,611,111. Motion to approve investment of $3,151,111 and release $460,000 to City as planned was made by Mike Dziavit, seconded by Bob Pounch, all in favor. 2. Rebalance OPEB Large Cap Equity MFS Value by 2.7% and move to Fixed Income DSAM Core Plus. Motion to approve UBS recommendation to rebalance OPEB portfolio was made by Chris Golas, seconded by Mike Dziavit, all in favor. C. Application for retirement: 1. Brigid K. Marks, Director of Human Resources, for a normal retirement effective June 11, 2024 2. Harrison J. Formiglio, Police Sergeant, for a normal retirement effective July 02, 2024. Personnel & Pension Board Minutes Page 2 of 3 May 21, 2024 Regular Meeting Room 213, 2nd floor, 5:00 PM, City Hall Building Norwich, Connecticut 06360 Motion to approve retirement applications made by Mike Dziavit, seconded by Bob Pounch, all in favor. 3. Corey Poore, Deputy Chief of Police, for a normal retirement effective May 18, 2024. Evelyn Lopez informed P&P Board members that Corey Poore withdrew his application for retirement effective immediately. Motion made by Paul Schroder to acknowledge withdraw of application, seconded by Mike Dziavit, all in favor. D. Pension Calculations: 1. Ruthanne Collins, Library Tech Assistant – BOE, retired June 23, 2010, with a payable date of May 12, 2024. Her annual pension calculations is $ 5,048.76. Her application was approved at the March 21, 2023 meeting. 2. Khanh Eckholm, Cafeteria Manager – BOE, retired October 13, 2021, with a payable date of June 20, 2024. Her annual pension calculation is $4,541.93. Her application was approved at the January 18, 2022 meeting. 3. Jennifer Peabody, Firefighter, retired April 2, 2024. Her annual pension calculation is $ 55,381.89. Her application was approved at the February 20, 2024 meeting. Motion to approve the pension calculation made by Mike Dziavit, seconded by Bob Pounch, all in favor. E. Applications for refund/rollover of pension contributions: 1. Fabienne Brutus- Chiocchio, Secretary – BOE, who terminated effective December 22, 2023. Refund of $ 5,914.27 including interest. 2. Lucas Girard, Firefighter, who terminated effective January 27, 2024. Rollover of $17,058.71 including interest. 3. Karen Rankowitz, Paraeducator - BOE, who terminated effective March 15, 2024. Refund of $ 10,679.57 including interest. 4. Gianna Valera, SLP Assistant – BOE, who terminated effective December 22, 2023. Refund of $ 4,887.22 including interest. Motion to approve refund/rollover applications made by Bob Pounch, seconded by Chris Golas, all in favor. F. Employees to be admitted into the City of Norwich Employees’ Retirement Fund: Motion to admit the following employees into the City of Norwich Employee’s Retirement Fund made by Chris Golas, seconded by Bob Pounch, all in favor. NAME POSITION DATE OF ACADAMY LAST DAY REQUEST/EVAL HIRE GRADUATION ON RECEIVED DATE PROBATION Jandira Andrews Administrative 01/19/2022 N/A 05/25/2022 03/19/2024 Assistant Merzilas Braboy Janitor 05/22/2023 N/A 05/21/2024 05/13/2024 Lindsay Caron Administrative 10/23/2023 N/A 04/23/2024 04/16/2024 Coordinator Morgan Deschamps Account Clerk II 10/10/2023 N/A 04/10/2024 04/22/2024 Samantha Edwards Administrative 12/18/2023 N/A 03/19/2024 04/25/2024 Assistant Personnel & Pension Board Minutes Page 3 of 3 May 21, 2024 Regular Meeting Room 213, 2nd floor, 5:00 PM, City Hall Building Norwich, Connecticut 06360 Mackenzie Hamler Early Learning 04/22/2024 N/A N/A 05/08/2024 Educator Sally Masse Receptionist 11/13/2023 N/A 05/12/2024 05/13/2024 Cameron Milton Firefighter 02/07/2023 05/23/2023 05/22/2024 05/14/2024 Jennifer Munger Paraeducator 11/20/2023 N/A 05/03/2024 05/06/2024 Pamela Rosado Front Desk Triage 10/16/2024 N/A 04/15/2024 04/15/2024 Clerk Gillian Sabados Paraeducator 11/06/2023 N/A 04/30/2024 05/01/2024 Shannon Santini Family Engagement & 03/18/2024 N/A N/A 04/15/2024 Attendance Coordinator G. New Employees: Motion to acknowledge new employees made by Mike Dziavit, seconded by Bob Pounch, all in favor. Name Position Date of Hire City/State Ninette Aldi Accounting Generalist 04/24/2024 Norwich, CT Mackenzie Hamler Early Learning Educator 04/22/2024 Hampton, CT Earl Louis Laborer 04/15/2024 Norwich, CT Jennifer Munger Paraeducator 11/20/2023 North Stonington, CT Gillian Sabados Paraeducator 11/06/2023 Norwich, CT Shannon Santini Family Engagement & Attendance Coordinator 03/18/2024 Norwich, CT Seth Wenzloff Line worker Apprentice 04/22/2024 Moosup, CT IV. Correspondence None V. Adjournment Motion to adjourn made by Bob Pounch, seconded by Mike Dziavit, all in favor. Meeting adjourned at 6:04pm. Respectfully submitted, ______________________ Evelyn Lopez, Secretary